Serba Dinamik, top execs acquitted over Bursa charges after settling RM16m fine

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Four senior officials from troubled oil-and-gas company Serba Dinamik Holdings Bhd were today fully acquitted of charges of submitting a false statement to Bursa Malaysia last year.

The acquittal was given after the chief executive Datuk Abdul Karim Abdullah, executive director Datuk Syed Nazim Syed Faisal, group chief financial officer Azhan Azmi and vice-president of accounts and finance Hafiz Othman completed the full settlement of their company’s RM16 million fine imposed by the Securities Commission (SC).

Free Malaysia Today reported today that deputy public prosecutors Hashley Tajudin, Zul’aida Zulkifli and Izzat Fauzan, and prosecuting officer Izuddin Mohamed informed four separate Sessions Courts that the fines had been fully paid on May 9.

Serba Dinamik and its four top executives were charged with submitting a false statement to Bursa Malaysia Securities Berhad on February 26, 2021, in relation to the revenue figure of RM6.014 billion contained in the company’s Quarterly Report on Consolidated Results for the Quarter and Year ended December 31, 2020.

The Attorney General Chambers previously withdrew the criminal charges against Serba Dinamik and its four executives, following legal representation made by the company, and subsequently directed the SC to compound the offences.

Serba Dinamik and the four executives had been slapped with a RM3 million compound fine each on April 13.

According to the SC, this is the maximum amount of compound permissible under Section 369(a)(B) of the Capital Markets and Services Act (CMSA) for submission of false information in the company’s financial statement.

Hafiz was also given an additional RM1 million compound for falsifying the accounting records of the company’s subsidiary, an offence under section 368(1)(b)(i) of the CMSA. – MMO